Glucose Monitoring System Market Overview:
The global blood glucose monitoring system market was significantly large in 2020 and is expected to continue to register a rapidly inclining revenue CAGR between 2021 and 2028. Key factors responsible for driving market revenue growth are increasing awareness of these systems in emerging economies and the rising prevalence of diabetes across the globe.
With the rising global prevalence of diabetes, patients must monitor their blood glucose levels regularly to avoid an episode of hyperglycemia or hypoglycemia. Adoption of blood glucose monitoring systems is increasing at a faster rate as a result of factors, such as the growing number of diabetic patients, increased awareness of the importance of blood sugar monitoring, and the introduction of novel monitoring devices by key players. Many countries also have favorable reimbursement policies for self-monitoring blood glucose (SMBG) systems and continuous glucose monitoring (CGM) systems.
Major Factors Driving Growth:
The rising prevalence of diabetes in emerging and developed countries can be attributed to several factors, including rapid urbanization and the growing shift of people toward a sedentary lifestyle. For instance, the International Diabetes Federation (IDF) estimated that 463 million adults worldwide suffered from diabetes in 2019, with 700 million expected by 2045. Besides, demand for blood glucose monitoring systems is increasing at a fast pace across the globe, owing to the surging number of patients with type 1 or insulin-dependent type 2 diabetes.
Moreover, according to a 2020 article published by the National Center for Biotechnology Information (NCBI), the incidence of type 1 diabetes was estimated to be 15 per 100,000 people, with a global prevalence of around 9.5 percent. As a result, the presence of a large patient population with insulin-dependent diabetes, new product launches by market players, and favorable reimbursement are driving demand for diabetes monitoring devices, such as blood glucose monitoring systems. This factor is expected to boost global market growth during the forecast period.the
Factors Restraining Growth Of The Glucose Monitoring Market:
One of the major factors resulting in lower adoption of blood glucose monitoring systems, especially in emerging countries, is the presence of a large proportion of the population with undiagnosed diabetes. When compared to developed countries, the incidence of delayed diagnosis is higher in developing countries, such as China, India, South Africa, Brazil, and others. This is due to a lack of knowledge about chronic diseases such as diabetes mellitus among the general public. In addition, the lack of established guidelines by governments or private organizations, as well as limited access to developed healthcare infrastructure, may stymie growth.
According to a study published by ResearchGate, nearly two-thirds of diabetes patients in Africa are undiagnosed, while the proportion of undiagnosed diabetes patients in the Asia Pacific is around 55.0 percent, with countries, such as India, China, and Indonesia leading the way. Also, lack of reimbursement policies for CGM and SMBG systems, is primarily responsible for lower diagnosis and treatment rates, thereby limiting the adoption of these systems in developing countries.
Opportunities For Players Operating in The Global Market:
In emerging markets, such as India and Africa, awareness of diabetes is very low. Hence, key companies are expected to take multiple initiatives in these countries to promote early diagnosis of the condition and provide easy access to blood glucose monitoring systems. It is expected to create new growth opportunities for companies in this market.
Global GMS Market Revenue Led by Device Segment:
During the forecast period, the continuous glucose monitoring (CGM) system segment is expected to grow at a faster rate. Increasing adoption of CGMs in developed and emerging countries due to the ability to monitor a patient’s blood glucose level regularly is attributed to this segment’s significant growth. In a study conducted by the Health Quality Ontario (HQO) in 2018, for instance, CGM devices were found to be more effective than system self-monitoring blood glucose (SMBG) systems in managing type 1 diabetes. Minimally invasive procedures, faster results, and ease of use are expected to boost demand. The self-monitoring blood glucose (SMBG) system segment, on the other hand, dominated the market in 2020. Owing to the increasing adoption of CGM devices globally, the segment is expected to lose share by the end of the forecast period.
Global Market Leading Application Segment:
Based on application, the global blood glucose monitoring system market is segmented into type 1 and type 2 diabetes. The type 2 diabetes segment held a dominant share of the global market in 2020, owing to the increasing prevalence of this type of diabetes among people worldwide. According to the International Diabetes Federation (IDF), approximately 462 million people were living with type 2 diabetes globally in 2020, with 5.0 percent to 10.0 percent of those requiring insulin intensive treatment. Furthermore, the type 1 diabetes segment is expected to grow at a faster pace due to the increased use of continuous glucose monitoring (CGM) systems in type 1 diabetes patients, which has been clinically proven to reduce hypoglycemia risks.